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Details of the purchase were not disclosed, but the new operators of the menswear chains says the debt structure of the company significantly reduced allowing it to focus on key initiatives for growth.

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In January, cash-crunched Grafton-Fraser received temporary court protection so it could work to liquidate inventory and sell its assets.

A report filed with Ontario Superior Court said that Grafton-Fraser owed GSO Capital Partners about $39.4 million. It also owed $12.8 million to CIBC, which has a priority claim under an agreement between the two creditors.

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